Legal Question in Real Estate Law in Florida
Builder forcing Insurance to Close Today
We are supposed to close on our home today at 2:00. The builder is forcing us to use an insurance co. that we are not comfortable with just to close on the home. We were told that if we don't accept this ins. & close today, we will lose our deposit & home. The ins. co. is not an admitted company, not regulated or under the jurisdiction of the Florida Dept. of Ins. We are not eligible under the Florida Ins. Guaranty Fund in the event of its insolvency. They can refuse claims for any
reason: bankruptcy, reorganization or liquidation. We are not entitiled to any unearned premiums if we cancel policy before 1 year termination date. I know we will be asked to sign an anticoersion form today. Can we sign it & write a note that we are signing it so we don't lose the home? What are our options so we don't lose our home & deposit? Would the lender allow such a note to be written? Would we have any course of action later if we sign the form? Please advise as soon as possible. Thank you.
2 Answers from Attorneys
Re: Builder forcing Insurance to Close Today
Read your contract regarding insurance. If they are not licensed in Florida, I wouldn't use them.
In view of the weather emergency, your builder is unreasonable. While you may be financially responsible for any delay expense you should be given an opportunity to obtain proper insurance.
Speak to your mortgage lender. I doubt they would agree to the carrier.
Re: Builder forcing Insurance to Close Today
See previous reply. Also,retain counsel as soon as possible.
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